RMBSRAMBUS INC

Semiconductors & Related Devices

Revenue: $708M; 27% YoY
Operating margin: 36.8%; 12% YoY
EBITDA: $272M; 41% YoY
Market cap: $9.1B
Employees: 791; $895K revenue each
Net debt / EBITDA: —
AI in 10-K: 7.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
156% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$895K · 72nd pct
Bottom quartile of its SIC industry
Quiet on AINo
7.0 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$21M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$328M	$455M	$461M	$557M	$708M	27%
Operating income	$24M	$77M	$154M	$183M	$260M	42%
Net income	$18M	−$14M	$334M	$180M	$230M	28%
Operating cash flow	$209M	$230M	$196M	$231M	$360M	56%
Capex	$14M	$17M	$23M	$31M	$27M	13%
Stock-based comp	$27M	$36M	$45M	$45M	$54M	21%
Buybacks	$100M	$100M	$101M	$113M	$7M	94%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $21M · 32
Net: −$21M

Pay vs performance

No pay-versus-performance disclosure yet.